Shedding Light on S lar Overview of Solar Finance
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1 OBAR Climate Action Committee PG&E Pacific Energy Center Thank you! Shedding Light on S lar Overview of Solar Finance 3/10/2017 Doug McKenzie dmckenzie@norcalsolar.org
2 Solar Finance Two types of Residential Solar Ownership Homeowner owns the system Cash purchase Home Equity Loan Unsecured Solar Loan Property-Tax Loan (PACE Property Assessed Clean Energy) Homeowner does not own the system (Third Party Ownership or TPO) Power Purchase Agreement (PPA) Lease
3 Solar Finance Homeowner owns the system pros and cons Pros: Eligible for 30% federal income tax credit (ITC) on total system cost. Electricity price is known for 25+ years. Probably don t need to insure your system separately (check with your insurer). Con: Homeowner is responsible for system production, maintenance & repairs * Cash purchase Excellent return on investment Highest upfront cost Home Equity Loan Good interest rate (4-8%) = good ROI. Can be minimal upfront cost Low interest rate depends on good credit score. Home is at risk on default Unsecured Solar Loan Home is not at risk on default. Minimal upfront cost Need good credit. High interest rates (~7-14%) ** = lower ROI Property-Tax Loan (PACE - Property Assessed Clean Energy) Minimal upfront cost. Good credit is not needed. Repayment is transferable to new owners Higher interest rates (5 yr: ~6.5% 30 year: ~8.5%) *** = lower ROI * However, almost all installers provide at least a 10 year workmanship warranty ** One source (Lightstream): *** ABAG:
4 Solar Finance Homeowner does not own the system pros and cons Power Purchase Agreement (PPA): Pay per kwh for energy generated by the system (monthly payment is not fixed) Lease: Pay a set monthly fee for energy generated by the system PPAs and Leases may be $zero down, fully pre-paid, or partial-down Pros (PPAs and Leases) Not responsible for any system maintenance Can be zero upfront cost to go solar and save money Payback for lower cost of electricity is immediate (for $0 down systems) Cons (PPAs and Leases) Not directly eligible for the 30% federal tax credit Home is encumbered with a lien (commonly 20 years) May complicate sale of home PPAs and leases may have an escalator clause increasing your payments over time
5 Important Terms Solar Finance - Terms Kilowatt (kw) Physics unit of power: the rate of doing work A 100-watt bulb consumes 100 watts when it s on Most solar PV equipment is rated in watts: a 4 kw solar system Kilowatt-hour (kwh) Physics unit of energy: The amount of work done PG&E bills you per kwh EV batteries are rated in kwh (Leaf: 24 kwh or 30 kwh, Tesla: up to 100 kwh) A 100-watt bulb, on for 10 hours, consumes 1 kwh of energy 1 GWh = 1000 Megawatt-hours (MWh) Average natural gas plant generates about 1000 MWh per hour 1 MWh = 1,000 Kilowatt-hours Average US household consumes almost 1000 kwh per month
6 Solar Finance - Metrics Simple Payback (years) Total investment divided by annual savings Simple Return on Investment (percent) Annual savings divided by total investment, times 100 Simple Cost per kilowatt-hour ( /kwh) Total investment divided by total lifetime energy generated
7 Solar Finance Cash Purchase Example Assumptions $1500/year bill, 7500 kwh/year consumption. $1500/7500 kwh = 20 /kwh ( PG&E average) 4.2 kw Solar (DC) generates ~6000 kwh/yr and offsets 80% of use and about 80% of charges Simple Payback - Total investment divided by annual savings Example: $12,290 total system cost (4.2 kw * $3.50/watt = $14,700 - $4410 ITC + $2000 inverter in 15 years = $12,290) 6000 kwh at 20 /kwh = $1200 savings per year $12,290 / $1200 = 10.2 years* Simple ROI - Annual savings divided by total investment, times 100 $1200 / $12,290 times 100 = 9.7%* (for 25 years) Simple Cost per kwh - Total investment divided by lifetime energy generated 6000 kwh/yr * 25 years = 150,000 kwh. Include 0.5%/year degradation: 141,000 kwh. $12,290 / 141,000 kwh = 8.7 per kwh 8.7 /kwh (fixed for 25 years) is under half PG&E s average rate today Internal Rate of Return (IRR) is often higher (inverter replacement uses future dollars) Requires assumptions on future discount rate and grid price * Payback will be shorter & ROI will be greater with PG&E rate raises
8 Solar Finance Comparing ROI Common investment interest rates today 10 year US treasuries: ~2.5% Savings account interest: under 1% 1 year CD, 5 year CD: both under 1% Stock Market: 7-10%/year over the long run but watch out below! Equity-indexed annuity: 2-3% minimum, higher if the index performs well Lower return than index, may have annual cap and surrender charges All of these returns are taxable Returns on municipal bonds are generally not taxable AAA rated: 1 year, 3 year 5 year: all under 1% Returns on solar (purchase/loan/lease/ppa) are NOT taxable Returns are just savings you d otherwise pay to your utility Solar ROI on cash purchase is ~10% non-taxable
9 Solar Finance Net Metering* From the Solar Energy Industries Association (SEIA) Net metering is a billing mechanism that credits solar energy system owners for the electricity they add to the grid NEM is simple in concept You re paid for solar at the same rate you would pay for grid energy NEM has some complicating factors But FIRST PG&E Rate Plans, Tiers, Baselines, Territories, and Time of Use * Also Net Energy Metering or NEM
10 Solar Finance Net Metering Rate Plans* E-1, E-6, E-TOU-A, E-TOU-B EV-A, EV-B, How your per-kwh charges are determined Tiers Tier 1 (Baseline), Tier 2, Tier 3 (until 2/28/2017) Baseline, 101%-400% of Baseline, High Usage (from 3/1/2017) Per-kWh charges depend on how much energy you use Time of Use (TOU) Peak, Partial-Peak, Off-Peak Per-kWh charges depend on when you use energy Territories Berkeley/Oakland is in the T territory (coastal, mild) Most non-solar, non-ev, homeowners are on E-1 PG&E requires new solar customers to be on a TOU plan * List of PG&E Electric Rate Plans:
11 Solar Finance Nap Metering
12 Solar Finance Net Metering NEM complicating factors The Minimum Bill ~$10/month cannot be offset with solar Non-Bypassable Charges (NBCs) (from Dec. 2016) ~2.3 /kwh for each kwh drawn from the grid cannot be offset with solar Based on hourly Net Metering (had been monthly) The Minimum bill and NBCs are why you can offset 100% of your kwh usage with solar, but not 100% of your bill
13 Solar Finance Net Metering Example impact of Non-Bypassable Charges Totals Pre-Solar Grid Usage: 4684 kwh/yr Solar Generation: 4000 kwh/yr (~85% of grid usage) Net Grid Usage with Solar: 3142 kwh/yr (~67% of grid usage) Percent of solar energy used by home ( self-consumption ) 39%
14 Solar Finance Net Metering Net Metering Summary You re paid the full retail price, based on your rate plan Minus the minimum bill (if you don t use $10 worth of grid energy) Minus Non-Bypassable Charges PG&E: After generating 100% of your usage (yearly basis), you re paid the wholesale rate (~4 /kwh) PG&E: You ll receive monthly statements with detailed charges but you pay just once per year at the True Up PG&E will not permit a solar system that will generate significantly more energy than the household consumes* * However, PG&E will OK an interconnection based on a future purchase of an EV, etc.
15 Solar Finance Nap Metering
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